Columbus Day Celebration

Columbus Day Celebration: FOX Business: The power to prosper

Bond markets were closed for Columbus Day, Monday, but that does not mean the bulls on Wall Street the Dow driving nearly 300 points higher in the enthusiasm for new alliances with the leaders of France and Germany European banks to strengthen occur.
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Today's markets

HE clock of 14.36, the Dow rose 276.10 points, or Jones Industrial Average, 2.49% to 11379.06, the Standard & Poor's 500 jumped 33.66 points or 2.91% to 1188, 96 and the Nasdaq Composite jumped 75 points 75 or 3.06% to 2555.12. The FOX 50 gained 24.01 points or 2.85% to 867.88.
No major economic reports on the agenda is to Wall Street, its signals from Europe in the middle there is the debt crisis. The collapse of three-digit purchase the blue chips are on track for their fourth win in five games.
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"I think the market sentiment has shifted to a slightly positive tone. Current price is fair, relatively cheap compared to what the result should be," said Peter Kenny, managing director of Knight Capital. Kenny also said: "The tone of Europe has a much more constructive in the last week or two" because "the very aggressive initiatives very active policy of France and Germany."

At the weekend, German Chancellor Angela Merkel and French President Nicolas Sarkozy has promised to take action before the end of October to allow the debt mess continent and to support their banks. Leaders of the two largest countries in the euro area said they were close to a recapitalization competitive European lenders. But Merkel and Sarkozy stopped short of laying the details of a plan.

Because of Europe's relations with the global financial and economic systems, where a debt crisis and the deepening of growth stocks in the world in the last few months injured.

In another sign of Europe to the crisis under control in France and Belgium to nationalize, and break the fast together municipal lender Dexia, which is wavering on the verge of collapse because of the enormous Burden of Greek bonds. Dexia, the first casualty of the current banking crisis seems to have quickly reached an agreement $ 121 billion in state guarantees and its unit sales Belgian government for $ 5.4 billion

"They were not playing with that. It was not dragged on for a change, "said Kenny.

On the other hand, the shares plunged after the Greek government nationalized the bank is forced to protons.

Tech also known by the U.S. as Apple (AAPL: 384.81, 15.01, 4.06%) said it sold a record 1 million iPhone 4S in a single day, and IBM (IBM : 185, 82, 3.43, 1.88%) hit a new record.

The 30 blue-chip share was green, led by banking giant Bank of America (BAC: 6.20, 0.30, 5.00%) and JPMorgan Chase (JPM: 31.98, 1.28, 4, 15 %). Safer play as McDonalds (MCD: 88.01, 0.81, 0.93%) and Kraft (KFT: 34.16, 0.40, 1.17%) posted smaller percentage gains.

Raw materials are excluded from the Columbus Day rally in crude oil rose $ 2.43, or 2.93% at $ 85.41 and $ 35.00 per ounce, or 2.14% to $ 1,674.40 .

Earnings season is set to launch this week, for example, an aluminum producer Alcoa (AA: 9.98, 0.26, 2.73%) gave its quarterly results after the close Tuesday's Bell Award. That companies are able to meet the expectations of the outcome is probably an important factor in the actions in the coming weeks. Financial share were likely sharp drop in quarterly profit open.

Last week, the U.S. is fueling the crisis, with the Dow rallying 1.7% and the Nasdaq Composite Index jumped nearly 3%, despite the hopes of politicians in Europe are at last seriously affected by the crisis. But shares closed in the red on Friday, when enthusiasm was drowned by a better than expected jobs report a discount credit for Spain and Italy.

"If the crisis of European debt to disappear suddenly, the shares look very cheap (some would say ridiculously cheap), but also uncertainty about the debt crisis remains critical wild card," said Bob Doll, chief investment officer at Blackrock, in a statement she made.

Posted by Mani on 1:05 PM. Filed under CELEBRITY NEWS . You can follow any responses to this entry through the RSS 2.0. Feel free to leave a response